Progress-Werk Oberkirch AG: PWO enters into supplementary collective bargaining agreement with 37.5 weekly working hours

EQS-News: Progress-Werk Oberkirch AG / Key word(s): Miscellaneous
Progress-Werk Oberkirch AG: PWO enters into supplementary collective bargaining agreement with 37.5 weekly working hours
14.11.2022 / 10:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

Carlo Lazzarini (CEO): “The Executive Board of the PWO Group is delighted that working hours will remain at 37.5 hours per week in the future at the Oberkirch location. This is important when it comes to ensuring the production site is in the best-possible position against competitors despite increasingly challenging general conditions in German industry.”

Oberkirch / Valašské Meziříčí / Kitchener / Puebla / Suzhou / November 14, 2022 – Progress-Werk Oberkirch AG and IG Metall signed a supplementary collective bargaining agreement, which will follow on seamlessly from the previous agreement on January 1, 2023 and remain in effect for 4 years.

Under the new agreements, working hours at the Oberkirch location will remain at 37.5 hours per week. It includes employment protection similar to under the previous arrangement and updated profit-sharing for employees compared to the current agreement.

In addition, a future team will be established, with half of the members appointed by the Works Council and half by the PWO Executive Board, as well as a future fund for investments. The future team will identity potential topics or action areas that could be useful for making the location sustainable and forward-looking, such as the employee innovation process, ongoing digitalization of operating processes and new products/business areas.

The clear vote of staff at the Oberkirch location in favor of retaining the longer weekly working hours compared with the standard collective bargaining agreement and the support of the Works Council in this regard were key factors in reaching this agreement.

Progress-Werk Oberkirch AG
The Executive Board


Charlotte Frenzel

Investor Relations & Corporate Communications
T. +49 179 / 6904 237


PWO Group profile

We are a global company in the mobility industry, and regard ourselves as an engineering house that takes the lead in shaping the environmentally friendly mobility of the future through innovations and is entirely independent of combustion engines.

With our expertise in climate-friendly lightweight construction, we are technology leaders, and combine economic efficiency with sustainability. We develop and produce sophisticated metal components and complex subsystems at the frontiers of what is technologically possible.

As a serious employer with informal structures at a global level, we are home to 3,000 employees at 8 locations on 3 continents.

Our actions are driven by inner motivation and conviction, which is why sustainability is one of the core values of our Group.

We see the need to meet the challenges of our time with innovative and sustainable concepts. But most of all, we aim to take the related opportunities.

Our corporate strategy is summed up in the slogan PEOPLE. PLANET. PROGRESS.

14.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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